🚨 Powell's Final Press Conference — Historic on Every Level
🗳️ Fed holds at 3.75% — 4 dissents, most since Oct 1992
1 dove (Milan): wanted -25bps cut
3 hawks (Hamak, Kashkari, Logan): opposed keeping "further" in statement
"Further" retained despite opposition
📈 Inflation warning:
March PCE: 3.5% YoY (core 3.2%, highest since Nov 2023)
Energy up 11.6% — Iran conflict + Hormuz disruption driving surge
⚠️ Outlook: "Highly uncertain"
Polymarket odds of zero Fed cuts in 2026: 55.6%
🏛️ Powell stays on as Governor post-May 15
"Government actions left me no choice but to stay"
"I will never be a shadow chairman"
🔜 Kevin Warsh [finance:Kevin Warsh] clears Senate Banking 13-11
Full Senate vote ~May 11
Could chair June 16-17 FOMC as first meeting
Powell's parting signal: next meeting may shift away from accommodative stance — handing Warsh a live policy decision on day one
